2009-12-09 - LPOC Speech.mp4

Speech given at the Libertarian Party of Okaloosa Florida on 12/9/2009.

The slideshow associated with this (inset in the presentation) is available at http://storage.denninger.net/ppt/Economy-2009-And-Beyond if you would like to follow along with the full-size presentation screens.

Category:

News & Politics

Tags:

• Politics
• economics
• Libertarian Party

[2528997]

This occurred a month ago; can you tell us why we're only seeing it now?

[kdenninger]

Because the morning after I gave the speech I went on vacation. I recently returned and finished the post-production to make it available.

[waldentree]

An abbreviated version would be good for those who don't have time. But it was worth every minute to me.

[kdenninger]

It's a presentation I gave as a guest speaker.  There isn't an "abbreviated version"; the speech was scheduled for an hour plus questions, and that's about what it ran... :)

[January132005]

No, we have NOT averted a second great depression. Instead, these policies have post-poned that depression and have insured that it will be the "greatest" depression. Please check out denniger's earlier videos, etc.

[Dewdaahman]

:::APPLAUSE::: people like you should be in a gov't position on finances..

[JimGraham1973]

excellent presentation

[oregontaxdebtrelief]

I am delighted, cool!

[xanderdee]

If you are in deep and there is no way out what do you do?

Keep digging until the problem becomes other peoples problem as well.

Also if Karl does not like the gold standard I respect that but do not force one money standard on people let them choose what tool a person uses for trade an wealth storage and let the best tool win.

It would suck if we all had to use just one tool for any other job in our lives why not allow for freedom of choice in money.

[ffs55]

protip: leave out similes that involve diseased prostitutes

[taxdebtsolutionsta]

Who else, but I liked it!

[58robbo]

the same goes for credit default swaps. i lend money to you. i then go to john and buy insurance from him against the possibility that you will default. as long as john and i enter into an agreement of our own free will, the govt has no business interfering. if you default on your mortgage i then claim from john. if john cannot pay that's just tough unless we later find out that john lied to me about his financial position. that would be fraud,

[58robbo]

I could also be a grain trader and forward sell grain i don't have and don't intend producing. i might believe that grain prices will fall dramatically and i'll be able to furnish you with grain you require at a lower price in the future. if you, the buyer of the future, are happy with that risk and the potential reward, we can enter into an agreement and the govt has no business telling you that you can't.

the FRAUD you refer to would be if i misrepresent my position to you.

[58robbo]

obviously the onus is on the buyer of the futures contract to do their homework on the farmer. if the farmer has a track record of non performance then you wouldn't invest or you'd expect a higher rate of return to cover the risk.

this is how the 'free market' functions.

[58robbo]

farmers selling grain they don't have? it happens all the time. farmers sell forward future production ie grain they don't have. if these tools were not available very few farmers would be prepared to take the risk of planting.

if someone is prepared to take the risk that the farmer might not grow the grain, that is their business. in the future contract they would prescribe remedy for non pefformance and if both parties agreed there is no need for the govt to involve itself

[AtheistThatsATheist]

In my first comment i mentioned nothing about derivitives or fractional banking yet you brought it up, and in my 2nd i asked why did you think it was ok and you skipped it to talk about types of currency creation.

Now surely if you think fractional reserve banking & derivitives are ok must mean you think this style of business can be applied across the board.

Should farmers be allowed to sell grain that they dont have? The man of the street starting ponzi schemes like those of the banks?